Despite previously expanding, several music festivals are now scaling back. Bloomberg research indicates that at least ten festivals in the U.S. have been canceled this year. Factors include more cost-aware consumers and increasing expenses related to staff, stage setups, and artist fees.Even Coachella Valley Music and Arts Festival, with its April event, has tickets remaining for the second weekend, months after they were first offered in January. Meanwhile, Delaware’s Firefly Music Festival, known for a decade of showcasing acts like Green Day and Dua Lipa, announced on social media its decision to pause for another year, promising a return “when the timing is right.”The challenges faced by music festivals are reflective of broader economic strains impacting various consumer sectors like theme parks and casinos, driven by tighter budgets following increased post-pandemic travel. Attending a multi-day music festival can cost over $1,000, considering all expenses. Patrick Suter, a concert-goer from Connecticut, likens the cost of attending a concert to that of taking a flight. To alleviate financial pressures, festival promoters are introducing flexible ticket options and pricing strategies. For instance, Bonnaroo in Tennessee offers two-day passes, termed “half a roo,” and Beach Life Festival in California has reduced ticket prices, incorporating all-in pricing. Similarly, Cruel World festival in Pasadena eliminated ticketing fees in a promotion. However, competition among festivals is leading to market division, affecting their success. Notable festival cancellations include Guy Fieri’s Flavortown Music Festival in Ohio and the Okeechobee Music & Arts Festival in Florida, alongside the Beale Street Music Festival in Memphis, which cited economic difficulties and safety concerns after a significant drop in attendance. (ICE LOS ANGELES)

Fonte notizia: Bloomberg